In centrally planned activity, most economic activities are controlled by ______.

Which of the following is out of place in a planned economy?Group of answer choicesMulti-party democracyState control of productionState control of pricesAuthoritarian governm

In a capitalist society, the _____________ controls the means of production for a. Individualsb. Companiesc. Organisationsd. all of the above

Which ONE of the following is an advantage of Activity Based Costing? a. It provides more accurate product costs b. It is simple to apply c. It is a form of marginal costing and so is relevant to decision making d. It is particularly useful when fixed overheads are very low 39 What are the main purposes of budgeting? (i) to give authority to spend (ii) to control expenditure (iii) to aid decision making. a. (i) only b. (i) and (ii) only c. (ii) only d. i), (ii) and (iii) 40 Which of the following is NOT a purpose of budgeting? a. Planning b. Co‐ordination c. Consultation d. Communication 41 What is a flexible budget? a. budget for semi‐variable overhead costs only b. a budget which, by recognizing different cost behavior patterns, is designed to c. change as volume of activity changes d. a budget for a twelve-month period which includes planned revenues, expenses, assets and liabilities 42 What is a purpose of a flexible budget? a. to cap discretionary expenditure b. to produce a revised forecast by changing the original budget when actual costs are known c. to control resource efficiency d. to communicate target activity levels within an organization by setting a budget in advance of the period to which it relates 43 What is a fixed budget? a. a budget for a single level of activity b. a budget used when the mix of products is fixed in advance of the budget period c. a budget which ignores inflation d. an overhead cost budget

The economic system under which basic industries are operated by the government or owned by the private sector under strong government control is called:Group of answer choicescapitalismScratchsocialismScratchcommunismScratchpublic enterpriseScratchlaissez faireScratch

When an economy is a combination of private enterprise, government ownership of resources and government planning of the economy, this is called